Barclays Will Seek Chairman From Outside The Company, FT Reports

Barclays Plc (BARC) has decided to appoint as its next chairman someone from outside the company, after board member Michael Rake withdrew his candidacy in the face of protests by shareholders, the Financial Times reported, without saying where it got the information.

Several leading investors made clear that they wanted the bank’s next chairman to be an outsider, untainted by associations with the Libor scandal and earlier controversies, the newspaper said.

Barclays is unlikely to find a new chairman or chief executive officer until autumn at the earliest, the FT said.